Convergence of Artificial Intelligence (AI) and the Finance Industry

It is difficult to understand what is happening in the field of artificial intelligence (AI). New developments seem to happen weekly, and vendors use different words to describe their products. Within financial services, some companies use the term Big Data analytics while others use machine learning technologies or artificial intelligent agents. This makes it hard to separate AI from the broader FinTech trends that are using data to improve financial services. This research will explain exactly what the terms AI, machine learning, and deep learning mean. It will then explore the five most important use cases of AI in financial services: robo-trading, robo-advisors, consumer smart wallets, insurance, and fraud analytics.

1. Convergence of Artificial Intelligence (AI) and the Finance Industry